The number of blockchain projects entering the space has spiked in recent years, with 871 ICOs generating more than $6 billion in 2017 against the 29 ICOs coming up with $90 million in 2016. From the beginning of the year to present, there has been 777 ICOs and more to come as an increasing number of startups are entering the ICO space, sadly not all of them will survive.
There have been 80,000 blockchain projects launched globally since the invention of blockchain in 2008, and according to reports from the Chinese government, only 8 percent of those have been able to make it, the other 92 percent that could not make it lasted about 1.2 years before they collapse.
He Baoohong of the Cloud Computing and Big Data Research Institute under CAICT, a scientific institute under the Ministry of Industry and Information Technology (MIIT) spoke on the short live span of these projects during the China International Big Data Industry Expo 2018 held in Guizhou, China saying:
“(These projects) came out very quickly, but die quickly as well. In this circumstance, governments globally are accelerating their efforts to establish unified standards in order to help blockchain projects to achieve real-life applications.”
“We have established verifiable blockchain programs in China, and nearly 200 private enterprises have expressed interests to join,” He added. “(This) will help blockchain technology and industry to become more transparent and open.”
CAICT has also published a report on the leading 10 international blockchain industry trends, with six of the trends taking the lead.